Nov 30, 2012 3:00am PST
popular. if they want more entitlement cuts, more discretionary spending cuts, if they want pentagon cuts, the president wants them to specify them. and this offer is intended in part to say here's my math. here's the level of deficit reduction i can reach. if you think you can reach the same or more with more spending cuts, you go first and name them. >> yeah. >> so richard, we have everybody playing chicken for the most part. it's kabuki. you show your spending cuts and then i'll show mine. >> right. it failed before when the president was negotiating against himself. look, i'm going to come back. $400 billion of medicare cuts is exactly what you would want democrats to do if you want them to start dealing with entitlements. what are we talking about when we say democrats need to deal with entitlements? principally, it's medicare. so that's a huge down payment right there. you can say, well, i don't really believe they're possible, but that's a real proposal. what you're asking for in terms of the politics is that the president somehow solves john boehner's problems with his own caucus.
Dec 5, 2012 3:00am PST
of rank. there's all sorts of money to be saved in the pentagon that will have no effect whatsoever on our defensive posture or our capability. >> but steve, i'm curious, though. what is the difference, in your opinion, between raising the top marginal rate and closing some loopholes? if you get $1.2 trillion in revenue, why does it matter so much more to the president that you do it by raising the top rate when the super wealthy, as we've described on the show, aren't going to be paying higher taxes? >> the issue is, joe, it's a question of whether it's going to be $800 billion or $1.2 trillion or somewhere in between. if the number ends up being $1.2 trillion, and we'll see where it comes out, it's hard to do it just with deductions. you end up limiting deductions so much that you cut into charities. you cut into state and local governments. you cut into a whole bunch of home mortgage. >> what about the buffett proposal? >> the buffett proposal is a great idea. the buffett proposal is a kind of no-brainer. >> how much does it raise? >> $160 billion over ten years. it's a piece of the puz